Penske Media Corp., who will be acquiring the group, was founded in 2003 and owns the publications Variety and Deadline. PMC’s CEO, Jay Penske said: "This is a unique and remarkable opportunity to add a collection of esteemed global brands to our growing portfolio.” FFM’s main publication, WWD, was set up in 1910 and has come to be known for its business coverage of the fashion and beauty industries.

Condé Nast has recently been undergoing some changes which include Anna Wintour being appointed Editorial Director of the group and, earlier this month, the magazine Lucky was merged with website BeachMint, to create a brand that fuses editorial content and e-commerce.
FFM’s property also includes the website Style.com and the portal NowManifest, but Condé Nast plans to keep hold of both brands. The sale of FFM is part of Condé Nast’s recent efforts to focus on its consumer-orientated brands. Charles Townsend, Condé Nast’s CEO, said, “Condé Nast has enjoyed unprecedented growth in our core consumer print, digital, mobile, video, television and film development businesses; this sale underscores our commitment to accelerating growth in these areas.”

The agreement is expected to be sealed next month, in a deal reportedly worth around $100 million.